USD/JPY rebounds from 200-day SMA

USD/JPY did in fact find support at 102.38/30 yesterday, where the 200-day SMA joined forces with the monthly PP. Now the price should move towards the July's high at 103 that needs to be overcome in order for the U.S. Dollar to confirm its long-term bullish intentions. If the attack turns out to be successful, the next objective will be the monthly R1 at 103.50, followed by the 2014 Q2 high at 104; however, there should be no dips below 102 in the meantime.

While there has been almost no change in the distribution between the long (73%) and short (27%) positions, the percentage of buy orders placed 100 pips from the spot has plunged from 64 down to 43% since the previous report.